When Youre In A Jam: Top Reasons You Might Need A Car Title Loan

Lets face it: Having to borrow money is never an ideal situation

, especially when your friends and family wont lend it to you. For whatever reason, you are stuck in a tough financial situation, and in order to get out it, you need cash, fast! Rather than resort to drastic measures (well leave those to the imagination), you could take out a car title loan.

A car title loan is where a title loan or title pawn company lends money to you secured by clear car title. You must own the car outright, and the lender will loan money to you based on the value and condition of the car. Youll be given a certain time frame where payments are required and you must make these payments on time.

Typically companies require that you have a job or some source of steady income and documented proof of residency. The lender will take the value of the vehicle, your monthly income, and your residency documentation into consideration in order to determine the amount they will lend. Your credit score and history are not typically used to make lending decisions.

Car title loans and car title pawn are expensive so you should only borrow the amount of money you actually need. Never borrow more than is absolutely necessary. Make more than the minimum required payment and pay off the outstanding balance as soon as possible.

Nobody likes to be in the position of needing to borrow money but hey, life happens. Here are a few reasons why you may need to get a title loan.

You are trying to make payroll at the end of the week and have no other quick and easy source of funds.

You have a sick relative and need help to pay for medical care.

You just got a new job after a long period of unemployment and you need help making ends meet.

You were injured on the job and you have not yet received workmans compensation (but its on its way)

You lost your job and havent yet received unemployment.

You have an unexpected medical expense.

Youre a seasonal contractor and this upcoming season is expected to pick up after an especially slow previous season. You know the work will be there, but you need the money now.

by: Laine McKenna

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